Bitcoin
Bitcoin wallets, inactive for 11 years, transfer US$60 million
Long-dormant Bitcoin wallets, dormant for nearly 11 years, suddenly transferred a whopping 1,000 Bitcoins (Bitcoin) within a 20-minute window, network analysts reported Sunday.
Lookonchain, an analytics tool that offers insights into blockchain activity, noticed that two wallets – “16vRqA” and “1DUJuH” – initially received 500 BTC each in September 2013.
At the time, Bitcoin traded at a modest $124 per coin. Fast forward to today, and these once-insignificant transactions have turned into huge windfalls.
The coins, valued at approximately $60.9 million at the current BTC price, translate into an impressive profit margin of 49,274.2%.
2 wallets that were inactive for 10.7 years transferred all 1,000 $BTC($60.9 million) released in the last 20 minutes.
Wallet”16vRqA” received 500 $BTC($62,000 at the time) on September 13, 2013, when the price was $124.
Wallet “1DUJuH” received 500 $BTC($62K at the time) on September 12, 2013, when… pic.twitter.com/l5ivjrcRt5
– Lookonchain (@lookonchain) May 12, 2024
The sudden resurgence of activity from these dormant wallets has tongues wagging across the crypto community, generating intense speculation about the reasons behind these unexpected transactions.
Given the prolonged period of inactivity, there are many questions surrounding the identities and intentions of wallet holders, with some members of the crypto community wondering whether the funds were part of the Silk Road stock held by the US government.
I wonder if this is the Silk Road money that was seized by the US.
– Ryzoblue (rtrd/acc) (@RyzoBlue) May 12, 2024
Others jokingly speculated whether he was the mysterious inventor of Bitcoin Satoshi Nakamoto returning to discount his assets, which would amount to millions of coins.
Satoshi Nakamoto coming back to life to sell his collections 😅😛
– Crypto Craze (@Cryptocraze777) May 12, 2024
The market closely monitors the movements of old wallets as they often involve large sums of Bitcoin that could impact market dynamics if sold on the open market.
Furthermore, crypto market observers have historically viewed the emergence of long-inactive Bitcoin holders as a bearish signal, potentially heralding a sell-off to capitalize on profits.
However, despite the significant profit margins, the owners of the two wallets chose not to withdraw through exchanges, opting instead to transfer their assets to undisclosed wallets, adding another layer of intrigue to their motives.
Many Satoshi-era Bitcoin adopters have apparently held on to their coins through multiple market cycles, with more than 1.8 million Bitcoins are often labeled as “lost” since the wallets they are held in have not shown any activity in the intervening years.
However, the resurgence of these long-dormant addresses underscores the enduring value and long-term holding strategies within the Bitcoin community.